Bank of America to Reduce Overdraft Fees, Eliminate NSF Fees
Move Comes Amid Fee Reform Sweeping Industry
Bank of America announced today it is significantly reducing overdraft fees and eliminating non-sufficient funds fees, with the reforms starting in February.
“Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients’ reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly,” said Holly O’Neill, President of Retail Banking, Bank of America. “Throughout the process we have engaged our National Community Advisory Council (NCAC) for their guidance and feedback on our changes. These latest steps will further support our clients and empower them to create long-term financial wellness.”
The policy changes mean all NSF fees will be eliminated in February and the fee for overdrafts will be reduced from $35 to $10 starting in May.
The move by Bank of America comes following a decision by Capital One to end overdraft fees altogether.
Additionally, as American Banker reports, JPMorgan Chase is making some key changes to its overdraft fee policies:
JPMorgan Chase announced a pair of changes that figure to impact its overdraft-fee…
